Business
Related Party Transactions
Related Party Transactions.
About this update from Trellus Health Plc
[{"type":"text","content":"\n\n \nTrellus Health plc\n(\"Trellus Health\" or the \"Company\")\n \nRelated Party Transactions Additional Disclosures\n \nLONDON, U.K. AND NEW YORK, U.S. (13 June 2023). Trellus Health plc (AIM: TRLS), which is commercializing a scientifically validated, personalized resilience-driven self-management solution for chronic health conditions at their intersection with mental health, provides additional disclosures under AIM Rule 13.\n \nAs stated in note 19 to the financial statements contained in the Company's 2022 Annual Report & Accounts, which was posted to shareholders on 26 May 2023, related party transactions as classified under IFRS during the year included the payment of $100K to the Icahn School of Medicine at Mount Sinai (\"Icahn Mount Sinai\"). The payment relates to services provided to the Company by Icahn Mount Sinai under a support agreement (the \"Support Agreement\") where Icahn Mount Sinai provided project management support for its efforts within Icahn Mount Sinai, its healthcare providers, and with external third parties, for a fixed fee.\n \nSeveral of the projects have resulted in revenue generating activities, such as those for the provision of the Trellus Health Inflammatory Bowel Disease (IBD) Solution to Mount Sinai Health System (\"Mount Sinai\") employees, to members of a New York State trade union, and a New York Medicaid health plan.\n \nThe Support Agreement was entered into with effect as of 1 July 2021 and it was terminated by mutual agreement on 25 October 2022 as the Company had transitioned to a coaching delivery model and implemented other organisational changes such that it no longer required the level of input provided under the Support Agreement. There are no additional payments due for payment by the Company under the Support Agreement.\n \nThe Company is based on technology developed by Mount Sinai faculty members Dr. Marla Dubinsky and Dr. Laurie Keefer. Drs. Dubinsky and Keefer have financial interests in the Company. In addition, Mount Sinai is a substantial shareholder in the Company and is represented on the Trellus Health Board by Dr. Erik Lium.\n \nDr. Dubinsky, CEO of Trellus Health, holds a faculty position and is a Professor of Pediatrics and Medicine at Icahn Mount Sinai.\n \nThe terms of the Support Agreement mean that it is c...